Elliptic, which supports tracking blockchain transactions, announced it has raised $60 million in a Series C funding round led by Evolution Equity Partners. The London-based company will use the money for research and development (R&D) and international growth. The funding will also help with expansion of Elliptic’s team, especially in the U.S. Elliptic previously raised $5 million in Series A in 2016 and $28 million in Series B throughout 2019-2020.
Elliptic said participating investors included SoftBank Vision Fund 2, AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire and Paladin Capital Group. CoinDesk is a subsidiary of Digital Currency Group.
“The unique nature of crypto as a maturing asset class means there is a growing need for enterprise-grade compliance and transaction monitoring tools,” said Neil Cunha-Gomes, investor for SoftBank Investment Advisers.
Elliptic, which was founded in 2013, also said Richard Seewald, the founder and managing partner at Evolution Equity Partners, will join its board of directors.
Elliptic works with traditional financial institutions, government agencies, fintech companies, and crypto businesses, offering a suite of compliance and investigative tools built specifically for monitoring transactions involving digital currencies, such as Bitcoin, Ethereum, Litecoin, just to name a few.